Europe Animal Healthcare Market size surpassed USD 36.5 billion in 2020 and is estimated to witness 4.5% CAGR from 2021 to 2027.
Animal healthcare refers to the medical specialty concerned with the wellness of the companion as well as farm animals. It includes diagnosis, prevention, control, and treatment of the diseases affecting the health of the animals.
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Growing pet adoption for companionship among the geriatric population will have a significant impact on the market expansion. Numerous research studies show that having a companion animal at home makes a great company for the owner. Similarly, companion animals such as cats and dogs keep their owners energetic, protect the home, and at the same time remain friends specifically for the children & elders.
Europe Market, By Product
The veterinary services segment valued at USD 18.6 billion in 2020, attributed to increasing demand for veterinary services such as training of animals, day care services, and grooming among others. These services play a significant role in safeguarding animal health and welfare. Further, a significant upsurge in the prevalence of zoonotic diseases is driving the demand for veterinary services. As per the recently published article, economic losses due to zoonotic diseases were significant in the UK. Increasing demand for animal food is also contributing to the demand for these services to ensure animal welfare.
Europe Market, By Animal Type
The companion animals segment accounted over 57% market share in 2020. This majority market share is owing to favorable government initiatives for animal health, developments in companion animal healthcare facilities, rising pet adoption, etc. Growing pet adoption along with surging disposable income spent on pet healthcare will spur the market growth.
According to the European Pet Food Industry data, approximately 80 million households across the European Union owned at least one pet. The surging usage of pets in films and ad campaigns has boosted the attraction towards pet adoption among the overall population in the European region.
Europe Market, By Distribution Channel
The pharmacies segment revenue is projected to reach USD 14.2 billion by 2027. Increasing consumption of medications in the animal healthcare area is acting as the key factor for the upsurge of the pharmacies segment in the market.
An increase in the number of livestock and companion animals, a rise in number of animal surgeries, and augmenting incidences of zoonotic disorders are some of the variables contributing to the segment growth. Similarly, large number of consumers choose the accessibility of veterinary pharmacies in the surrounding location that suits their needs.
Europe Market, By Country
UK animal healthcare market size was more than USD 3.5 billion in 2020, due to the rising prevalence of zoonotic diseases and favourable government initiatives to promote animal health in the country. The growing prevalence of zoonotic diseases in dogs such as dermatophytosis, brucellosis, and campylobacteriosis among others is expected to augment the animal healthcare business revenue in the country.
Competitive Industry Landscape
Key industry players include Elanco Animal Health, Bayer AG, Boehringer Ingelheim, Merck & Co., Inc., Zoetis, Inc., Dechra Pharmaceuticals, and Neogen Corporation. These market participants are engaged in several strategic initiatives such as mergers & acquisitions, product launch, distribution agreements to maintain their position.